Is Currensea Credit Or Debit Card – Best Travel Cards

A brand-new fintech company which I was presented to earlier this year. Is Currensea Credit Or Debit Card…

It has won a couple of awards over current months for what it does (providing you an affordable way to invest abroad) however what I like about  is that it is basic as hell. This is a good thing.

is, effectively, a direct debit travel card. You just invest as you would on a normal debit card and the money is taken from your existing account– simply without the typical 3% fee.

Oh, and  is totally free to apply for, which likewise assists.

There are also some fascinating travel advantages if you choose a paid plan, but the free strategy works fine. You can apply here.

There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:

launch by doing one thing well, and totally free or cheaper than the competition
include increasingly more functions which your existing clients do not truly want or need

add constraints, charges or fees to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Monzo, revolut and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.

That’s it.

You do not (yet …) earn any airline miles or points for using it.

Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t need a  card, unless you want complimentary ATM withdrawals. You can stop reading now.

Credit cards which offer rewards and charge 0% FX costs are couple of and far in between. The only ‘points and miles’ alternatives which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.

IS potentially for you if:

you don’t have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any fees and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them money when taking a trip.

How does  operate in practice?
It is, as I said previously, a really easy procedure. You utilize your Currensea card in the same way as your existing debit card.

You make your purchase in local currency (any currency, worldwide).
Your current account bank instantly verifies that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card,  adds a 0.5% cost. There are no charges if you have among their paid cards.
You get an automatic spend notification via the app, if you pick to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which reveals �,� 4.33 scheduled to leave my HSBC account a couple of days later:.

Converting pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (frequently in a different language) while not telling you about the inflated currency conversion fees happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.

Thankfully in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards  promises big cost savings (85%) and an excellent app.

But I believe the best bit might be what no other card does: connects to your existing high street checking account.

What this implies is you can spend money you have in your existing current account with less stress over running out of money and the extra step. That does not mean it is best.

In this Currensea review is the great, the bad, the unsightly and the alternatives, so that you can choose.

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, allowing us to make revenue from our Necessary Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, complete details can be discovered on our rates plans.

Subscription costs.
We charge a yearly subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on transactions.

Interchange.
Whenever you spend with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Is Currensea Credit Or Debit Card